SBA Loan from Countrybank Usa Helps Top And Body Repair And Paint Shops Company
Countrybank Usa is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans.
This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Countrybank Usa, out of Cando, North Dakota. The loan was granted and they received $90,000 to help grow their East Grand Forks, Minnesota business.
SBA Loan Borrower
COMPANY TYPE: TOP AND BODY REPAIR AND PAINT SHOPS
EAST GRAND FORKS, MN 56721
SBA Loan Lender
COUNTRYBANK USA
505 4TH ST
CANDO, ND 58324
This debt financing was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7532 - Top and Body Repair and Paint Shops
NAICS Code
811121 - Automotive Body, Paint, and Interior Repair and Maintenance
Loan Approval Date
8/1/2000
Loan Approval Gross Amount
$90,000
Loan Approval from the SBA
Of the total $90,000 loan amount, the SBA guaranteed $72,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had 2 employees. The SBA loan application for the borrower did not indicate that the business promised to use the money to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Countrybank Usa had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Countrybank Usa made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.
The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.
About This SBA Loan Information:
All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.
Related Links:
Obtaining Funding - Friends and Family
SBA Approved Banks in Cando, North Dakota
Browse All Business Loan Sources for North Dakota